Some people start a business that they’ve always wanted to start. They’ve got plenty of experience, and they know exactly what they want to do. Others, know that they want to start a business and work for themselves, but they don’t know what they want to do. When this happens, they might write a list of all of their hobbies and interests, as well as the things that they’re good at. They work down this list, trying to find something that they could make money from, that they could offer other people.
Either way, in the beginning, most small businesses have a niche. A particular field that they specialize in, or even just one product that they produce or a service that they offer. In the early days, this is great. It means that new businesses have a focus. That you don’t need to spread yourself too thinly, and that you can make sure you are offering a quality service and/or product. You have time to focus on customer service and your website.
Then, over time you might start to think about expansion. You’re earning well, you are able to employ a bigger team, and you want to reach a wider audience. When this happens, sometimes it’s time to go back to that list and find other things that you could offer your clients. You might even want to laugh new brands or go into entirely different sectors to achieve a diverse career like Charles Finch. Here are some of the first steps that you should take when you decide to diversify your business.
Take Small Steps
If you are settled in your business, you are an expert, and you know what you are doing, and you don’t want to risk alienating your current customers, small steps is a great option. Think about ways that you could offer a new service that isn’t a million miles away from what you already do. Keep everything related. If your business is a catering company, start producing your own ready meals or cookware. Stick to your niche and diversity in small steps.
Offer Solutions
As a small business owner, you’ve probably already come across plenty of problems in your industry. Services that didn’t help you in the way that you need, or didn’t provide a good enough product. Chances are if you’ve found that the product or service that you need isn’t out there, so have other people. Ask yourself if you could offer a solution? Could you come up with a product or service that would solve a problem that you’ve come across? Could you market this to other small business owners?
Market Research
When you started your business, you probably spent a lot of time researching the market — looking at your target customers and the competition. This research would have served you well. If you are diversifying, and especially if you are looking to attract a new audience, you need to do it again. Take the time to research the market and the competition before you make any other firm plans.
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